\\ \textit{Panel B: 2SLS}
                    &         (1)        &         (2)        &         (3)        &         (4)        &         (5)        &         (6)        &         (7)        &         (8)        \\
\midrule
Rail (5km)          &       0.159$^{***}$&       0.751$^{***}$&       0.489$^{***}$&       0.471$^{***}$&       0.018        &       0.228$^{**}$ &       0.246$^{**}$ &       0.070$^{*}$  \\
                    &     (0.054)        &     (0.234)        &     (0.130)        &     (0.123)        &     (0.015)        &     (0.102)        &     (0.101)        &     (0.040)        \\
Municipality FE     &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        \\
Region FE$\times$Year FE&         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        \\
Local Geography$\times$Year FE&         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        \\
Pre-Rail Controls$\times$Year FE &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        &         Yes        \\
\addlinespace[0.1cm]
First-Stage F-stat  &       26.48        &       26.48        &       26.48        &       26.48        &       26.48        &       26.48        &       26.48        &       26.48        \\
Observations        &       18152        &       18152        &       18152        &       18152        &       18152        &       18152        &       18152        &       18152        \\
Mean dep. var.      &       0.056        &       0.115        &       0.073        &       0.070        &       0.003        &       0.083        &       0.081        &       0.010        \\
\bottomrule
